BHP Billiton’s record profit shows
the size of the mineral boom we are experiencing. Nick Raffan’s analysis here
shows the boom can go on for a fair while yet.

Now is the time for policy reform
and we are getting it. The sale of Telstra with its associated upgrade of
communication services in the bush. As yet unspecified cross-media ownership
rules – and Ron Walker’s elevation at Fairfax shows just how serious this is likely
to be. IR reform, also not yet fully specified but likely to improve
productivity in the workplace and (gasp) perhaps also job satisfaction, as
suggested by Nicholas Gruen here.

And, finally, the ALP has apparently
decided to move to the centre. As part of this a long-standing Labor plan to
cut the top marginal rate of income tax, paid for by slashing middle-class
welfare, is being hatched. The next election campaign might even be
interesting.

Read more at Henry
Thornton.